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and comprehensive package to shrink the deficit by $1.8 trillion over 10 years and are meant the fiscal uncertainty that hampers economic growth and job creation. this remark does not represent the starting point for negotiation. represent tagamet savings and additional roadrunners for those of the. the two cannot be separated and were not separated last december when we were close to a bipartisan agreement. this budget provides achievable solutions to fiscal problems, the crucial a solution desired, we have to do more than focus on deficit and debt. the significance of balancing the budget is clear as ranking member then holland noted, i hope negotiate the groundbreaking agreement with congress to do just that as budget director oversaw three budget surpluses and worked with many on the left in right on a plan to pay off our debt. that does not mean we should make deficit reduction are one and only priority. in addition to ensuring sound fiscal fitting we will have everyone of these initiatives paid for in our deficit reduction package can i mean day donati done to the deficit. as the president ex
there are people that argue having annual deficit that are almost as big as the federal budget when bill clinton was president is not really a problem. there are people argue having a public held debt be a majority of our economy is not really a problem. there are people who argue that the gross federal debt consuming our entire economy being bigger than our entire economy isn't a problem. and then you have the unfunded liability of the major entitlement program like social security and medicare which are larger by some measures than the world economy. but that's not a problem. and there are usually two arguments that people make to this effect. i try address them in "devouring freedom: can big government ever be stopped?." one is trust us, we're the government. we'll know what to do before the crisis comes. the other it's will a sucker born every minute. people will keep buying the treasury bonds, interest rates will never return to where they were before the financial crisis. the economy at some point will recampaign some semblance of normal growth and everything will be fine. there's no nothi
deficit at or close to $1 trillion for five straight years. millions of americans are out of work or living in poverty. the highest rates we have seen in a generation. the administration's response seems to be more of the same. more spending higher taxes and record debt. what we can't keep spending money we don't have. we need a new approach. we need an approach that encourages economic growth. the longer we delay fundamental reform. the longer we delay a real recovery. our national debt is weighing down our country like an anchor. it's weighing down our economy. it's making it harder for us to get ahead. the administration claims that if we approve the budget we'll have reduced deficit by 4.3 trillion. this is not true. i want to break it down and they'll show me how. the administration said we reduced deficit by police $2.6. the president is responsible for all the policy enacted before when he was in office for the first two years. if you add back the money for the stimlis, the payroll tax holiday, the 24% increase in domestic spend. total deficit reduction when you net it out
faces significant problems and if we don't address the deficit, i've become more and more convinced that we don't necessarily go gradually and problems that could go precipitously and i say that with reference to 2008 and the crisis that there is, even when things go pretty well, there are some lurking dangers within our economy. one would be interest rates rising. i asked this to people i consider to be smart, big bankers, nature capital centers of the world. can they control just raising keep interest rates below? is there a point at which the central cannot keep pace. interest rate to 7% are when i was a kid, 19% were 21% would be catastrophic with this burden of debt. he seems to work right now, but there is a certain allusion of wealth in the stock market and evolution of the peace we can manage our debt. those are my concerns and because of that, we have to do long-range things. i propose several things since i've come. i propose fixing a security problem. to me it's an actuarial problem. you raise the age gradually 27862 thirds of the social security deficit. fix the remainin
forward a comprehensive balanced approach to deficit reduction to eliminate the sequester, but this is congress' responsibility. it needs to take action. >> there is a couple of bipartisan group of senators making proposals. senators says the administration has the right to prioritize spending, and the senator suggesting the furloughs are postponed to give congress another chance to revisit sequesteration, other senators, republican and democrat, asking the transportation secretary and head of the faa if they might be able toe move money around. what's your response? >> well, a couple things. one, i think the fact that various lawmakers suggest remedies confirms what i said, which is only taking action to the result of the sequester that republicans insisted take place, but let's be clear about the faa cannot take because of the way the budgets are structured and the way the law imposing the sequester is written. they are required by law to cut about 1 billion dollars between now and end of the september. that's 637 million from the faa. the faa initiated a series of cost
-called grand bargain we could devise a balance deficit reduction package for one year that avoids sequestration in fy 2014. we simply cannot continue to ignore the effect of sequestration. sequestration will have a major impact on military personnel. though the pay of military personnel has been exempted, the sequester would reduce military readiness in the services for the troops including schools for military children, family support programs and transition assistance programs and mental health and other counseling programs. the president's budget request continues a major drawdown of active duty and reserve strength. we have in recent years given the department numinous force shaping authorities to allow it to reduce its strength in a responsible way ensuring that the services maintain the proper force mix and avoiding grade and occupational disparities, all of which have long term affect. if sequestration continues, the result would be ore pripitous foe structe that is ou of t the requirements of our defense strategy. sequestration has already affected military readiness. we have heard test
Search Results 0 to 5 of about 6